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re: Mt. Gox has filed for bankruptcy protection; $63mm in debt
Posted on 2/28/14 at 11:24 am to Poodlebrain
Posted on 2/28/14 at 11:24 am to Poodlebrain
Their story of losing 850,000BTC through transaction malleability makes little to no sense. Charlie Shrem went over the math the night it happened and it breaks down to tens of thousands of dollars worth of bitcoin being stolen per day (if you use the average price of bitcoin since the beginning of Mt. Gox).
How could you run a business without recognizing that tens of thousands of dollars are missing PER DAY.
I think what is more likely than that kind of managerial incompetence (Not to say that Mark doesn't have an immeasurable amount of that) is that they lost the access to their wallets that contained the missing bitcoin.
How could you run a business without recognizing that tens of thousands of dollars are missing PER DAY.
I think what is more likely than that kind of managerial incompetence (Not to say that Mark doesn't have an immeasurable amount of that) is that they lost the access to their wallets that contained the missing bitcoin.
3
Posted on 2/28/14 at 11:28 am to joshnorris14
quote:Are you still under the impression that the Magic Gathering was a valid business???
How could you run a business without recognizing that tens of thousands of dollars are missing PER DAY.
Posted on 2/28/14 at 12:00 pm to joshnorris14
quote:
is that they lost the access to their wallets that contained the missing bitcoin.
I think things like this will continue to happen. BTC overall market price is actually going to decrease over time IMO due to lost wallets.
Posted on 2/28/14 at 1:55 pm to joshnorris14
quote:But Wiki told us that it is a simple matter for merchants to create separate addresses with separate private keys for each sale they make with Bitcoins as payment. Those merchants will have to securely manage the private keys for however many Bitcoin addresses it uses. I guess this shows how not to do what Wiki said was a simple process.
I think what is more likely than that kind of managerial incompetence (Not to say that Mark doesn't have an immeasurable amount of that) is that they lost the access to their wallets that contained the missing bitcoin.
I have a question, which would be a better business venture, mining Bitcoins or trying to find the private keys to unlock 850,000 Bitcoins?
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